El Salvador Expands Bitcoin Holdings
Following a recent market downturn, El Salvador has boosted its Bitcoin reserves by purchasing 12 Bitcoin.
The country initially bought 11 Bitcoin on February 4 for a total of $1.1 million, averaging $101,816 per Bitcoin. It later acquired an additional Bitcoin for $99,114, bringing its total holdings to 6,068 BTC, worth over $554 million.
As the world’s first Strategic Bitcoin Reserve, El Salvador’s Bitcoin Office announced on February 4, that the country has acquired a total of 21 BTC over the past week and a total of 60 BTC in the last 30 days, highlighting their success in expanding their cryptocurrency assets.
Despite a 24-hour low of approximately $96,000, Bitcoin has since rebounded to around $98,000, but is still lower than its intraday high of over $100,700, according to CoinGecko data.
These recent Bitcoin purchases come after El Salvador’s President Nayib Bukele and the International Monetary Fund (IMF) agreed on a $1.4 billion financing deal last month, in which the government committed to scaling back on some of its Bitcoin-related activities.
